Wages under a bilateral monopoly are generally:
A. equal to those under a union monopoly.
B. greater than those under a union monopoly but less than those under monopsony.
C. greater than those under monopsony but less than those under a union monopoly.
D. equal to those under monopsony.
Answer: C
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If a natural monopolist were to sell at the price where marginal cost equals demand, then it would be earning
a. zero economic profits, like a competitive firm in the long-run. b. negative profits and would not be able to survive. c. positive profits but not would not need to worry about government intervention to regulate it. d. positive profits but would still need to worry about possible government intervention to regulate it.
Who appoints the Federal Reserve System's Board of Governors?
A) the Secretary of the Treasury B) the President of the United States C) the Speaker of the House of Representatives D) the American Banking Association
The perfect competitor's horizontal demand curve illustrates
A. perfect mobility of resources. B. the lack of any influence over price. C. that the firm is a price maker. D. that economic profits are impossible in the long run.
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
A downward movement along the vertical axis would correspond to a(n) ________ of the U.S. dollar.
A. arbitrage B. appreciation C. swap D. depreciation